Westfield, NJ Market Report
The final month of 2013 was good for the Westifeld, NJ real estate market, finishing with some extraordinary numbers for homeowners.
It is definitely a Seller's Market in the Westfield, NJ , and the the local housing recovery moves on.
According to data from the New Jersey Association of Realtors® and 10K Research, year-over-year, closed sales for single-family homes outpaced new listings. In other words, more homes came off the market than went on. Simple supply and demand tells us that this tends to increase prices. And, this was the case. The median home price was up an whopping 39% from December of 2012, to $821,250!! WOW!!!
The absorption rate (how long it would take for all of the current inventory to sell if nothing new came on the market) once again dropped. In December 2013, the absorption rate was 2.3 months, down from 3.4 months the previous year. This is a real indicator of being in a Seller's Market.
The spring market for 2014 is just starting. There will be more homes coming on the market going forward and it appears that the market will continue to be robust. With the interest rates still historically low, and the spectre of rising rates upon us, I expect Buyers to be out there, looking to purchase homes in Westfield, NJ.
Should you want a full report, or any further information, please don't hesitate to contact me!